1. It is indeed my singular honour and privilege to address you today at
this CEO Interactive Session for the Consumer Goods Sector, a programme as put
up by the Nigerian Stock Exchange (NSE). This event is timely at this stage of
our economic development, particularly with the rapid growing population and
the need to create effective linkages between and amongst sectors. I would like
to commend the leadership of NSE for the critical role you are playing in the
economy by providing businesses with access to long-term funding and providing
platforms such as this, to drive continuous discussions amongst Industry
players, Policy makers and the Government.

2. Ladies and Gentlemen, there is no doubt that the consumer goods
sector remains a critical segment and plays an integral role in
the development and advancement of the Nigerian economy. Available statistics
shows that Nigeria's GDP grew 1.94% (year on year) in real terms in the second
quarter of 2019, with the Manufacturing sector contributing 11.49% to Nominal
GDP. The sector has nonetheless experienced various economic turmoil in recent
years, as witnessed in areas like foreign exchange challenges between 2014 and
2017. Immediate steps were taken to redress the problems as in the ban of 41
items in 2015. We also can recall currency depreciation which triggered higher
cost of production, Insecurity in the Country leading to reduced sales, high
excise duties on importation of raw materials and multiple taxations, just to
mention but a few. I believe that the purpose of this interactive engagement
today is to formulate strategies and collaborative efforts with the Federal
Government to optimize the intrinsic potentials in the sector and to proffer
solutions to the numerous challenges faced by players in the sector.

3. Distinguished Guests, Ladies and Gentlemen, Nigeria
is one of the fastest-growing consumer markets not only in Africa, but the
world at large. Nigeria's consumer market is valued at $377 billion in 2013 and
expected to peak at $454.3 billion in 2025. This growth is driven by three
major factors - Population, Urbanization and Increased spending power. It is
common knowledge that the existence of a large market presents an opportunity
for growth in the consumer goods sector. Nigeria with a population estimated at
200million people with 72% under the age of 30 indicates huge potential for
future investment and consumption activities. It is projected by the United
Nations (UN) that most global population, between 2017 and 2030, will be
absorbed by cities, and that new residents in urban areas will count for about
1.1 billion over the next 13years. Similarly, the UN Department of Economic and
Social Affairs forecasts that 66% of the world population (2.5 billion people)
will reside in urban areas by 2050. This anticipated push towards urban centers
will undoubtedly provide a unique opportunity for the growth of the consumer
sector.

4. In all of these, Ladies and Gentlemen, Nations must
be proactive and focused to deliver the right policies and programs using
critical institutions - Both Public and Private - to boost output by providing
the right environment and financing for businesses to thrive. This, to my mind,
is where the capital market should take the lead as a financial intermediator.

5. Distinguished Ladies and Gentlemen, the Federal
Government remains committed to improving the business environment towards
Industrialization and Economic prosperity. The restriction of the availability
of foreign exchange to the importation of 44 items in 2019 which could be
competitively produced within the economy and the recent border closure hinges
on Governmentâ€™s policy of enhancing demand for locally manufactured goods and
enabling favourable competition amongst manufacturers. The gains being recorded
from this twin policy should increase domestic business activities and make the
capital market more active.

6. You are all aware that the Economic Recovery and
Growth Plan (ERGP) aims to achieve a more diversified and inclusive economy by
2020. We are therefore committed to work with stakeholders to eliminate the
bottlenecks which hitherto have hindered the growth of the sector. Also high on
the agenda of this Administration is the stabilization of our economy to
recapture exiting foreign direct investments from the country. I would like to
use this opportunity to assure the business community that Nigeria remains a
good destination for investment. His Excellency, President Muhammadu Buhari's
strategic and strong reforms agenda places Nigeria in the top 10 improver list.
This laudable progress is in addition to the marked improvement from 145th to
131st position on the 2019 ease of going business World Bank rankings. This
progress was due to reforms initiated and implemented by the Nigerian
Government in providing an enabling environment for businesses to thrive.

7. The Federal Ministry of Industry, Trade and
Investment, through the Nigeria Industrial Revolution Plan (NIRP), is also
addressing some key challenges in the manufacturing sector, such as limited
access to credit and financial services, poor infrastructure and unreliable
power supply, which have resulted to reduced competitiveness and profitability.
In addition, the Ministry is promoting a strategic linkage between agriculture
and Industry through the implementation of an agribusiness and Agro- Industry
initiative (NAADI). The main goal of this initiative is value addition through
processing of Agri-commodities. A lot of investment is required in the
implementation of this initiative and the Capital Market should come in handy
alongside other funding institutions such as the World Bank, African
Development Bank, Afrixim Bank, e.t.c to promote the initiative.

8. Finally, I wish to restate
Government's commitment to collaborate with the private sector in key business
areas, and proffer viable solutions to challenges bedeviling our economy. I
urge the private sector to continue to provide candid feedback on the impact of
Government's economic reforms, as we collectively strive to make Nigeria
Africa's economic hub.

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